The decision was taken at a cabinet meeting chaired by Prime Minister Narendra Modi.
"The important provisions include increase in compensation for hit and run cases from Rs 25,000 to Rs 2 lakhs. It also has provision for payment of compensation up to Rs 10 lakh in road accidents fatalities," an official release said.
The bill provides amendments in various penalties. While the old penalty for violating road rules was Rs 100, the new minimum penalty is Rs 500. Similarly, for speeding the earlier penalty was Rs 400, the new proposed penalties for LMV (light motor vehicle) is Rs 1,000 and for medium passenger vehicle is Rs 2,000.
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